Polycab India limited has signed an agreement to acquire 100% stake in Silvan Innovation Labs, a technology company providing IoT based home automation solutions based out of Bengaluru.
Polycab-Silvan Labs Acqusition Details
Polycab has acquired Silvan Labs at around INR 10.2 Crore for all of its shares and also paid INR 8 Crore as additional funds infusion in the company. Silvan Labs will function as a wholly owned subsidiary of Polycab India Ltd. Also three out of four founders of Silvan Labs namely Dr. Giridhar Krishna, Mohan Gopalakrishna and Ajay Gupta, will continue working for the company post-acquisition.
Silvan Labs Acquisition Part of Polycab’s FMEG Strategy
Polycab in its press statement said that Silvan Labs’ acquisition will help expand its internet of things (IoT) based automation offerings and hence increase its market presence in FMEG space. Polycab has also launched its own home automation goods range ‘HOHM’ just few months back.
Furthermore, Polycab will also try to leverage its vast distribution presence across India to scale up Silvan Labs product outreach.
Expressing his views on the occasion Mr. Inder Jaisinghani, Chairman & MD of Polycab India Ltd. said “Our ambition is to become a forefront consumer centric company. The domain strength of Silvan coupled with our robust Go-To-Market capabilities presents a great synergic combination. It is a fantastic addition to our IOT portfolio and aligns with our strategy to address evolving consumer needs with new age innovative solutions. I believe Silvan will also play a vital part in achieving our FMEG aspirations under Project Leap“.
About Silvan Innovation Labs: founded in 2008 in Bengaluru, Silvan’s IoT-based automation products and solutions portfolio includes lighting management system, room automation, temperature control devices, contactless controls, curtain control, security devices etc. Silvan has successfully installed over 1,00,000 devices in more than 8,000 homes and offices throughout India. The company also holds 17 patents in the area of home automation.
About Polycab: Polycab India Ltd. manufactures and sells various types of cables, wires, cable conduits, electric fans, LED lighting and luminaires, switches and switchgears, solar products, pumps etc. Polycab’s turnover for FY-21 stood at INR 8,736.36 Crore.